Tribune News Servic

New Delhi, February 20

India and Singapore residents will be connected seamlessly through the Unified Payments Interface (UPI) of India and PayNow of Singapore from tomorrow.

Faster transactions

• Faster & cost-efficient transfer of cross-border remittances
• Instantaneous, low-cost money transfer to and from S’pore
• Will help diaspora, especially migrant workers & students

The linkage of these two payment systems will enable residents of both countries to carry out faster and cost-efficient transfer of cross-border remittances. It will also help the Indian diaspora in Singapore, especially migrant workers and students, with instantaneous and low-cost transfer of money from Singapore to India and vice-versa.

Prime Minister Narendra Modi and Prime Minister of Singapore Lee Hsien Loong will witness the launch of the cross-border connectivity through video-conferencing tomorrow. The linkage will be launched by RBI Governor Shaktikanta Das and Monetary Authority of Singapore (MAS) Managing Director Ravi Menon. The initiative will take forward Prime Minister Modi’s push for globalisation of India’s best-in-class digital payment infrastructure, a statement issued by the Prime Minister’s Office said.